SANTA CLARA, Calif., Oct. 6, 2020 /PRNewswire/ — Olak yesterday announced the launch of a business integration tool for personal data stores for businesses to easily and securely access the most up-to-date personal data with individuals’ consent. Coming into the market next month, businesses will be able to access personal information such as addresses, names, insurance details, and passport numbers with user consent via the secure OLAK personal data storage platform.
“Thanks to this new feature, businesses such as banks, insurance companies, and hospitals will no longer have to deal with the problem of outdated personal data,” Jay Pavagadhi, the founder and CEO of OLAK says.
Whenever a user changes her addresses or updates any other personal details, this update is automatically sent to relevant businesses such as banks handling such data.
Inaccurate personal data is a major source of wasted resources in the US. It is estimated that inaccurate data is responsible for 12% of the lost revenue in the US.
Another benefit for businesses is that compliance with privacy laws such as GDPR and CCPA is enhanced. “With our business integration tool, businesses will collect personal data by relying on user consent which is the most unambiguous and safest way to process personal data and comply with privacy regulations,” Jay emphasized.
Furthermore, accessing personal data via OLAK Personal Data Store provides the highest level of security for the exchange of data as OLAK adopts an end-to-end encryption system and no one can unlock the content of personal data without the user’s permission. Higher security amounts to less risk of privacy violations.
Personal Data Store is a solution that enables businesses and individuals to exchange personal data solely under individuals’ control and based on her consent. Contrary to the traditional method of personal data collection and use, privacy protection is enhanced.
While Personal Data Store is still an immature market, with 20% month-over-month user growth, OLAK aims to become a market leader in this industry.